The New Development Bank, set up by the BRICS group of emerging economies, has approved loans of $300 million for energy projects in South Africa and $300 million for a transportation project in China.

South Africa, which will host a BRICS summit later this week in Johannesburg, is trying to diversify its energy mix to reduce its reliance on heavily polluting coal-fired power plants.

It has launched several bidding rounds for billions of dollars of renewable energy deals in recent years, with the latest expected to open later this year.

The BRICS development bank said in a statement that its $300 million loan to South Africa would be channelled via the Development Bank of Southern Africa and would focus on projects which reduce carbon dioxide emissions and boost energy efficiency.

Its $300 million loan to China is for a new metro line in the city of Luoyang. With the two projects, the bank's portfolio of loans stands at more than $5.7 billion.

Featured Reports

About

An initiative incubated by cKinetics, Sustainability Outlook is a leading market access, insight and collaboration platform tracking actions related towards sustainability. Sustainability Outlook offers a range of solutions including (a) in-depth business and policy analysis (b) tools and frameworks for enabling resource sustainability (c) expert inputs on sustainability measures being undertaken in industries as well as communities. More >>

Partnership Opportunities

To explore partnerships for generating collaborative intelligence, customized market research, engaging with Special Interest Groups/Knowledge Networks, write to us at mait@sustainabilityoutlook.in